Deutsch Bank Business Proposal: Fill & Download for Free

donald trump's privately owned business was "effectively arranging" a business deal in Moscow with an endorsed Russian bank during the 2016 political race. trump has ardently denied that he at any point had professional interactions with Russia. In a tweet that was distributed just before his 2017 inauguration, he said he had “nothing to do with Russia – no deals, no loans, no nothing”.August 2019 and an old business partner of trump, Felix Sater, returned to haunt him. Sater crowed about how he had arranged finance for a Trump Tower in Moscow with VTB Bank, which is under US sanctions. Agents have since established that the trump association was profoundly engaged in talks with Moscow and that the discussions did indeed include a bank that was under US sanctions.There were grave unanswered questions about the wellsprings of trump's personal and corporate financing. These questions also incorporated his association with his greatest moneylender, Deutsche Bank. Deutsche Bank's credits to donald trump were underwritten by Russian state-owned VTB (Vneshtorgbank) Bank. After his late father, Deutsche Bank official, William S. Broeksmit tragically took his own life in 2014, Val Broeksmit obtained the emails and documents. Underwriting is the process where financial institutions assess the ability of potential customers to fulfil their obligations. Underwriters have access to “credit and financial information, as well as the state of the [property].”Val Broeksmit's full explanation:The Russian state bank VTB underwrote loans to Donald Trump via Deutsche Bank. Over the course of Trump’s relationship with DB, an inordinate amount of questionable, mismanaged & risky loans approved by Deutsche Bank to Trump required his Personal Guarantee which, over time, also lost its value.Trump’s team at DB sought out creative ways to circumvent the varied protections DB’s compliance team institutionally implemented, & whether by happenstance or by design Trump’s loans became underwritten by Russia’s own VTB.I informed the FBI of this in late 2019.The bank that purportedly underwrote trump's loans is perhaps the biggest bank in Russia, and the lion's share is owned, of course, by the Russian government. VTB was put onto a sanctions list by the U.S. as well as the European Union in July 2014 as discipline for Russia's intrusion of Ukraine, guaranteeing any individual who remained working with the bank after that date could be answerable to criminal charges.VTB scored front page features in 2018 when donald trump's previous lawyer, Michael Cohen, conceded that both he and trump were informed in 2015 that VTB would be the bank to fund the now-scandalous Trump Tower Moscow venture. Val Broeksmit likewise shared information that trump's loans were granted by DBTCA, not the principal bank, and were endorsed by VTB, guaranteeing that the Russian-owned bank would bear the brunt if trump defaulted. trump’s partner Felix Sater apparently masterminded VTB to subsidise the undertaking and attempted to approve identifications for passports to be used for an arranged trip to Russia. As the campaign race warmed up, the excursion, now deemed a political no-go-zone was abandoned.US sanctions on VTB at that red hot hour of negotiations would have made the proposed financing for Trump Tower Moscow conceivably unlawful under American law. It has likewise been exposed that trump signed a letter of intent for the undertaking in October 2015, months after he formally began his presidential crusade.Over the past 30 years, trump's association with Deutsche Bank has been about victories, disappointments, failures and voluminous claims between the two. trump managed to anchor over $2 billion in loans from the bank and utilised the cash to construct fairways and tall buildings, offering an enormous chunk of land to clandestine LLC's (limited liability company) and Russian underworld.In 2008, trump sued Deutsche Bank after he discovered he couldn’t make an instalment on a $640 million loan he had acquired for Trump Tower Chicago. He stated he ought to be excused from paying back the loan in light of the fact that Deutsche Bank had assisted in causing the 2008 financial crash. trump lost the case and was ordered to pay an undisclosed sum. So to do as such, he approached another division of Deutsche Bank; DBTCA and requested yet another loan to take care of the principal advance, which he additionally owed to Deutsche Bank.The connection amid trump and the notorious German bank is plagued with unconventional money related agreements. In 2010, an official in the DBTCA division of the bank, Rosemary Vrablic, who worked with trump and Kushner, endorsed a $106 million loan to buy the Doral Resort in Florida regardless of an internal financial group's estimation that trump was nonchalantly exaggerating the value of his assets by as much as 70 per cent.Nevertheless, the bank approved still another loan advance for $19 million to subsidise the Doral purchase despite the fact that the original loan was more than he needed to cover the Doral's price of $105 million. trump additionally acquired a 60-year lease on the Washington D.C. Old Post Office which he wanted to turn into an inn in 2013 principally using a loan affirmed by Ms Vrablic, regardless that DBTCA did not finance real estate transactions.While Deutsche Bank was loaning a lot of cash to trump, controllers were examining the bank for laundering gigantic wholes of illegal Russian money. In 2017, DBTCA was fined $425 million by the New York State Department of Financial Services as a major aspect of an exchange plan out of Moscow. The bank was recognised in 2019 as the focal hub of another Russian tax evasion conspiracy intended to profit Russian magnates.Accordingly, as one is prone to do in such circumstances, trump simply lost sight of the interests of America in pursuit of his own political interests.

I have known Jim Simons, Bob Mercer and Peter Brown since 1965, 1974, and 1979, respectively. Renaissance has also hired senior researchers who had formerly worked for me for years. None of these people has ever told me anything about Renaissance's investment strategies. My observations below have been obtained entirely from publicly available records.In particular, the core strategy is publicly known. It's the details that are proprietary. There are millions of details, and they are essential to the performance. However, the question was about strategy, so that is what I will try to answer.The core strategy is portfolio-level statistical arbitrage carried to the limit and executed extremely well. Basically, portfolios of long and short positions are created that hedge out market risk, sector risk and any other kind of risk that Renaissance can statistically predict. The extreme degree of hedging reduces that net rate of return but the volatility of the portfolio is reduced by an even greater factor. The standard deviation of the value of the portfolio at a future date is much lower than its expected value. Therefore, with a large number of trades the law of large numbers assures that the probability of a loss is very small. In such a situation, leverage multiplies both the expected return and the volatility by the same multiple, so even with a high leverage the probability of a loss remains very small.The general properties of the strategy can be deduced from the statement of Renaissance for the Hearing of the Senate Permanent Subcommittee on Investigations, dated July 22, 2014. [https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=6&ved=0CEcQFjAFahUKEwjVl_LOifrHAhWJ1h4KHTBAAj8&url=http%3A%2F%2Fwww.hsgac.senate.gov%2Fdownload%2F%3Fid%3Db81368f4-6448-4867-8572-f2340418d029&usg=AFQjCNGlNbiS9DOE_NjQ8Ks_BT_X54dIPw&sig2=s0RdwL0a8afNv6lUBfyxVQ&cad=rja]Renaissance collects "all publicly available data [they] can that [they] believe might bear on the movement of prices of tradable instruments--news stories, analysts' reports, energy reports, crop reports, weather reports, regulatory findings, accounting data, and, of course, quotes and trades from markets around the world."Their models "use this data to make predictions about future price changes."The hearing was specifically about the Medallion fund, about which the statement says "The model developed by Renaissance for Medallion makes predictions that are profitable only slightly more often than not."With these properties, there were two reasons that Renaissance would like to have a call option on the portfolio that it has designed: leverage and protection against Black Swan events.Leverage is needed because, unleveraged, the rate of return of the portfolio is low. However, because the volatility is much less than the expected return there is no limit to how high the leverage could be without increasing the probability of a loss, at least according to the models. Through years of use and refinement, Renaissance knows that its models are very reliable. However, they also know that there is always the risk of something happening that is not covered by the models, in particular something that is outside prior experience, which is called a "Black Swan" event.Thus, a call option is ideal: it can provide high leverage and can provide protection both against the very low probability of a loss greater than the option premium and also against the unknown probability of a possibly catastrophic loss due to a Black Swan event.We know all this because these are the business reasons for Renaissance accepting Deutsche Bank's proposal of barrier options. Basically, Deutsche Bank, and later Barclays, sold the equivalent of a call option to Renaissance on the reference portfolio that Renaissance designed.Of course, writing an uncovered call on the Renaissance portfolio would be equivalent to betting against Renaissance at high leverage, which would seem to be a foolish thing to do. The banks covered these options by buying all of the securities in the portfolio. Thus the bank's position was equivalent to a covered call. In other words, the banks' profits and risks were essentially equivalent to writing a put option, which is a bullish position. Because the volatility was very low the probability of a loss for the bank was low and the probability of a loss greater than the option premium was even lower.Except for the Black Swan risk. The probability of a Black Swan risk is unknown. Part of the premium paid by Renaissance and earned by the banks was equivalent to insurance against Black Swan risk. I don't know if the amounts of the premiums were publicly disclosed.There were many more details in the statements and the testimony at the hearings. However, discussion of further details would detract from the important points that I have made above. In particular, the hearings themselves were about tax issues not about investment strategies. Renaissance explicitly asserted, under oath, that its "models do not factor in tax rates when making trading decisions." Therefore, tax issues, although they might be very important, are not part of the "investment strategy" at least as reflected in the models, so they are outside the scope of this particular discussion.[Edit (added in answer to a comment): The reference portfolio was highly dynamic. There were thousands of trades per day. To accomplish this, the banks gave RenTech's computers direct access to execute trades through the banks' trading desks.This arrangement was part of what created controversy about what should be the proper tax treatment for this particular case. However, I am not a tax lawyer and will not try to analyze those issues. However, if you want to hear more details on the automatic execution of the trades, and questions about how much human interaction was present, that is all discussed in the live testimony before the subcommittee: [Hearings| Homeland Security & Governmental Affairs]

Hey Sheetal! Nice meeting you!I know just the answer.He actually didn’t make America great again simply for the fact that America already was great way long before Trump showed up or even was born. Sure we have some ink- black pages in our history book but the good definitely outweighs the bad.Now you raise a very good point, the tax cuts for the wealthy. If that’s Trump definition of making our country great again than he passed with flying colours. However, there is such a thing as the vast majority of average Americans, who do not own corporations and who deserved more than anything the benefits of a financial break.This is a partial list, of corporate layoffs since Trump and the Republicans took power.Financial institutions cutting back after receiving a reported $21 billion tax cut windfall is just par for the course, as Bloomberg reported in February. In fact, since January 2019, here are “finance firms” that have cut jobs:JPMorgan Chase & Co. is dismissing hundreds of workers in its asset and wealth-management division as part of a periodic review of staffing levels.Nomura Holdings Inc. is planning to cut dozens of jobs across its trading and investment-banking businesses in Europe and the U.S. as the brokerage struggles to make a profit overseas.Deutsche Bank and Commerzbank are in talks to combine in a merger that could put as many as 30,000 jobs at risk.Goldman Sachs Group Inc.is considering plans to reduce its core trading business in the fixed-income group, including at least 10 workersin its commodities unit. The firm toldNew York State in February that it will eliminate 65 jobs, blaming “economic” factors.Standard Bank Group Ltd. expects to close 91 branches across South Africa, most by the end of June, in a move that may affect about 1,200 employees.Absa Group Ltd. is restructuring its South African retail and business-banking unit within months of reducing the division’s management team. Union representatives have said 827 jobs could be at risk.Standard Chartered will cut expenses by 2021 in a streamlining plan that may include trimming jobs in Singapore, the Business Times reported.London Stock Exchange Group Plc disclosed plans to cut around 5 percent of global headcount.Dianrong, a Chinese peer-to-peer lender backed by Tiger Global Management and Standard Chartered Plc, plans to cut as many as 2,000 employees as it tries to reduce costs and comply with authorities’ efforts to shrink the industry.Laurentian Bank of Canada said it will cut its workforce by 10 percent after posting earnings that missed estimates for a third straight quarter. Some 350 employees will lose their jobs.Societe Generale SA is drawing up plans to eliminate jobs at its investment bank, and could cut hundreds or even thousands of positions at its global banking and investor-solutions unit.HSBC Holdings Plc will trim at least 50 jobs in its global banking and market unit as part of an annual performance review of its staff.Legg Mason Inc.plans to cut staff as it increases investment in technology to manage assets.BlackRock Inc. is cutting 3 percent of its global workforce, or about 500 employees, the largest reduction to its headcount since 2016.State Street Corp., the giant custody bank and asset manager, has started trimming its senior management ranks by 15 percent.AQR Capital Management, the quant manager, is cutting jobs after a dismal performance in 2018. The reductions will amount to a low single-digit percentage of the workforce of about 1,000 employees.Banco Santander SA’s Polish unit announced plans to reduce its workforce by 11 percent, or as many as 1,400 jobs.Morgan Stanley dismissed some of its under-performers, with cuts occurring throughout fixed-income, equities and research divisions.CaixaBank SA’s formal talks with unions will begin in April, with the company proposing 2,157 job cuts.This is the link to the entire list: Here's a nice big list of layoffs since Trump and Republicans came into powerSo I guess this answers your question??